Income Tax

Notification No. 87/2016 dated 29.09.2016 was issued by the CBDT in exercise of powers available under Section 145(2) of the Income Tax Act, 1961 and the Government notified 10 Income Computation and Disclosure Standards (ICDS) to be followed by Assessees following mercantile system of accounting for the purpose of computation…

Rule 114E of the Income Tax Rules provides for furnishing of Statement of Financial Transaction in Form No.61A by certain specified persons. Originally, specified categories of persons such as banks, post office, registration authorities, etc. were specified. The table to the Rules identifies the nature and value of transaction and…

No change in tax slabsThe rate of income tax for individuals and HUF within the slab of 2.5 lakhs to Rs. 5 lakhs reduced from 10% to 5%.Additional surcharge of 10% on the tax payable by a person having total income exceeding Rs. 50 lakhs but not exceeding Rs. 1…

On 12th January 1946, Rs. 500 was demonetized and people were given 10 days for exchange. After this period explanation was required as to why exchange was not done in the first 10 days.The Scheme was a failure as out of the total issue of Rs. 143.97 crores of High…

When more than one person owns a property and the said property realizes revenue in the form of rent and interest on loan is involved, direct and indirect tax implications require examination in the light of relevant statutory provisions and judicial precedents.